I am a fashion designer and have my own studio. It’s doing pretty well and I’m quite satisfied with the progress it’s made within the last couple of years. Now, I want to buy a house of my own and have saved almost $45,000 for this. I have a good property in the outskirts of Melbourne and I don’t want to lose out this. But the catch is I haven’t been able to lodge my tax returns for this year. How should I proceed for a home loan?

There are low doc loans for self-employed borrowers who don’t have enough income evidence like up to date tax returns and cannot prove your true income for a home loan. This is the only way that you can borrow without recent tax returns or financial statements.

For that, however, you have to provide alternate income verification documents such as Business Activity Statements (BAS) or an accountant’s declaration. This is the only way that you can borrow without recent tax returns or financial statements.

Not all lenders provide low doc loans, and if you could provide other documents, then you may obtain a home loan if your other aspects such as credit history and the security are acceptable to the bank.

You can ask your parents if they can gift you the money for the deposit. If they’re happy to, your parents can actually gift you the money for the deposit to buy a property.

Your parents can gift you the money they have in their savings account, through the sale of assets, such as a car, or an inheritance.

As you have a good deposit by yourself, this gifted deposit needn’t be saved in your bank account for three months (which is usually required if shown as genuine savings).

Also, please note that lenders accept that comes from your parents, or your immediate family members such as siblings, grandparents or your spouse. Anybody apart from these and they tend to reject the gifted deposit and you will have to explain the closeness of your relationship with them and provide an explanation of your situation to the bank.

Also, we can be reached on 1300 889 743 or you can fill in our free assessment form to see if you qualify for a low doc mortgage or not.